Bitcoin buyer pushes BTC price past $38K as traders demand key breakout
Bitcoin briefly spikes above the $38,000 mark as a new low-timeframe BTC price battle breaks out.
1197 Total views 23 Total shares Listen to article Bitcoin (BTC) bulls kept the pressure on 18-month highs on Nov. 24 as analysis eyed buyer interest spiking. Data from Cointelegraph Markets Pro and TradingView showed the BTC price trajectory heading upward into the Wall Street open. The largest cryptocurrency saw increasing momentum during the Asia trading session, this nonetheless with its roots on derivatives markets. Following the action, popular trader Skew confirmed that a single entity was likely behind the latest charge on $38,000. “Some buyer probably single buyer is trying to push the market higher here ~ clear correlation between spot & perp CVDs / Delta,” he wrote in part of his latest post on X (formerly Twitter.)
Bitcoin fights for new 18-month high
$BTC Update
Looking like there's some direction buyer again here on binance – they're bidding spot & opening a longShorts on bybit perps continue to get hunted
Market CVDs & Delta
Some buyer probably single buyer is trying to push the market higher here ~ clear correlation… https://t.co/Hu6FNp1Ltc pic.twitter.com/5KaODZC7Hv— Skew Δ (@52kskew) November 24, 2023
Skew subsequently revealed the long BTC position had been closed, and with momentum flagging, a higher high (HH) was needed on lower timeframes — beyond the current $38,000 ceiling. At the time of writing, this was in progress.
$BTC
Looks like binance long has closed out, so they could have just engineered liquidity to get some asks filledLTF CVDs
So first thing here is CVDs are higher vs price so there's some momentum behind this move however, yet to be seen without another HHSecondly, spot… pic.twitter.com/regcjdj2tw
— Skew Δ (@52kskew) November 24, 2023
Zooming out, others were still optimistic about resistance levels ultimately falling. For Michaël van de Poppe, founder and CEO of trading firm MN Trading, it was all about the $40,000 mark.
“Still so far, so good on Bitcoin,” he told X subscribers on the day.
My plan has not changed, pump us to $39,000 – $40,000 then drop please pic.twitter.com/AJkLRmD4U5
— Crypto Tony (@CryptoTony__) November 24, 2023
$39,000, meanwhile, stands out for a variety of reasons, including the aggregate profitability of those who bought BTC during the 2021 bull market.
Elsewhere, encouraging signs from Bitcoin’s relative strength index (RSI) continued to provide bulls with fuel for further upside.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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